Under Armour accounts under investigation
08/11/2019
This follows a Wall Street Journal report that found US authorities were exploring whether Under Armour had shifted sales from quarter to quarter to appear healthier than it really was. Under Armour has responded, saying its practices and disclosures were appropriate.
Earlier this week, Under Armour lowered its growth forecast for annual revenues. Third quarter results showed a drop in revenue of 1% to $1.4bn. The company now expects revenues in the current financial year to grow by 2%, down from an earlier forecast of 3%-4%.
North American revenue dropped 4% to $1bn but revenues from the international business were up 5% to $368m. International business generally fared better, with revenue up 9% in EMEA, up 4% in Asia-Pacific, and down 4% in Latin America.
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